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Zero VGS posted:What's this about? I punched my info on the site and it says "we haven't reached Massachusetts yet", so I'm guessing it's more San Fran Tech Bro Scumbags? Fhqwhgads posted:I worry about better.com since I was the one who literally taught them about the mortgage secondary market years ago. All their traders are young with trumped up titles and think they're hot poo poo but none of them have ever really seen blood in the streets. I worry about them operationally when we do hit the next recession. Ah, called it. Guess they're hard at work inventing concepts that have already been invented...
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Aug 30, 2019 03:05
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Zero VGS posted:Ah, called it. Guess they're hard at work inventing concepts that have already been invented... They're NYC based, actually, but with that SF tech startup attitude. One of my few local clients (because who runs an actual mortgage bank in NYC what are you stupid?) To not sound too negative, they're pretty well up there in the digital mortgage space, so much so that some of the large banks have considered partnering with them for their tech. Not their mortgage skills, just their tech. Basically some young bankers said "I want to disrupt the mortgage industry", got VC funding, bought an existing mortgage company, went "uhhhh what do we do now?" I stepped in (when I was working for my former advisory firm) and taught them how to run a mortgage shop. Shortly after I left that firm they basically said "Thanks we can do this on our own from here" and fired my old company. They keep getting more funding and have built some pretty cool tech, but it's only ever been blue skies for them, hence why I have a bit of a soft spot for them and worry. Fhqwhgads fucked around with this message at 03:16 on Aug 30, 2019 |
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Aug 30, 2019 03:14
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Fhqwhgads posted:They're NYC based, actually, but with that SF tech startup attitude. One of my few local clients (because who runs an actual mortgage bank in NYC what are you stupid?) To not sound too negative, they're pretty well up there in the digital mortgage space, so much so that some of the large banks have considered partnering with them for their tech. Not their mortgage skills, just their tech. Their tech, at least for a CA mortgage is awesome. I got a definite bro on the phone when I had my "if you call me, text me, or otherwise annoy me I will pay more elsewhere" come to Jesus talk right at the get go.
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Aug 30, 2019 03:19
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What tech are you guys talking about? Only thing that springs to mind is requesting/submitting documents.
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Aug 30, 2019 03:40
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It must be the tech that powers their dark pattern of preventing you from actually withdrawing your application. Better.com gave me a pathetic rate for a refinance recently, and I was tired of their constant texts and emails, so I attempted to withdraw the app by clicking the button online. Except, it doesn't actually do anything. Requests to cancel to a rep over the phone also were ignored. Calls and texts continued until I routed the emails to spam and blocked their phone number in Google Voice. I dealt with a number of local/regional banks for this process, and Better.com was the most scummy by a mile. If you have the best rates, there's no need to do the scumbag/high-pressure sales tactics - the fact that they do them should make it clear where they sit rate-wise.
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Aug 30, 2019 13:14
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Yeah I have probably shot myself in the foot by reaching out to them for a comparison. They've now come back with another estimate that matches what my local broker is offering, but to do it they had to add on 0.081% worth of points?? at a cost of $110. I guess this was all so that they could say they are exactly $1000 cheaper than the estimate I sent them: (Probably still gonna stay with my local broker.)
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Aug 30, 2019 13:48
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Zillow dropped their zestimate on our house by $12K after we listed below their previous zestimate. We are specifically trying for a quicker sale so listed at a lower price. This is basically all to say that zillows data and estimates are so haphazard and I hate them.
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Aug 31, 2019 18:14
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Thinking of buying next year. I realise that there's going to be a recession probably, but I'll be able to afford a house then, unless something terrible happens to me. So my question is, home loan rates are low right now... right? Can I get pre-approved for a loan next year, now? Would that entail me not touching some money for a long amount of time? Also I'll have more money next year... Would that mean I'd be able to get a better rate then? I've got a real estate agent that was highly recommended to me, and I'll be in the area (denver suburbs/outlying towns in the boulder direction) at the end of the month to meet the guy and look at houses. He knows I've got a long term plan and he's fine with it. Or do home loan rates go down during a recession?
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Sep 1, 2019 21:57
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redreader posted:Thinking of buying next year. I realise that there's going to be a recession probably, but I'll be able to afford a house then, unless something terrible happens to me. So my question is, home loan rates are low right now... right? Can I get pre-approved for a loan next year, now? Would that entail me not touching some money for a long amount of time? Also I'll have more money next year... Would that mean I'd be able to get a better rate then? I'm not even sure where to start here. I'm not sure what you think pre-approval means, but it's not a rate lock so just put that out of your mind as mattering at all. I think where this needs to go from here is a list of your income, debts, savings (including retirement) and target home price.
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Sep 1, 2019 22:06
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Thanks, I thought it did mean a rate lock. I'm reading this thread and learning more and more, but I only started reading up on this during my spare time a week ago so I know close to nothing. My target house price is about 380-500k in westminster/arvada kind of area, I work in California right now and pay 2300/month in rent which is apparently about what I'd be paying for a mortgage there. I'd be moving with my job. I have 300/month car payment debt which will be gone in about a year and no other debt. I don't carry a credit card balance at all. Next year we'll have enough saved for 20% down, with a cash cushion as well as a house-fixing fund. Apparently you can dip into the company 401k for the downpayment (or something) but I don't want to do that at all. So yeah I have some retirement savings from this job and other jobs but don't want to go into it. Trying to find out how much money I'd be earning when I move, to see if it's less or the same.
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Sep 1, 2019 22:11
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redreader posted:Trying to find out how much money I'd be earning when I move, to see if it's less or the same. That's pretty much a primary input. As far as 20% down, think more like 25% down or more to cover closing costs. Then you should still be left with an emergency fund to handle that "whoops, I need to drop $5k on HVAC 6 months after I moved in" or whatever. As has been said many time before here: rent is the most you will pay per month, a mortgage is the least.
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Sep 1, 2019 22:21
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Unless you're getting basically free money to buy a house in a new area (some employers will pay your closing costs or cut you a check when you buy a home as part of needing to move to a new area) then it's better to rent for awhile first. It's great to have that flexibility when you're unfamiliar with a new place
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Sep 1, 2019 22:36
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redreader posted:Thinking of buying next year. I realise that there's going to be a recession probably 10 out of the last 3 recessions have been accurately predicted. If you have an accurate crystal ball for this then paying for a house is the least of your concerns because you're going to be rich beyond your wildest dreams. redreader posted:but I'll be able to afford a house then, unless something terrible happens to me. So my question is, home loan rates are low right now... right? Can I get pre-approved for a loan next year, now? Would that entail me not touching some money for a long amount of time? Also I'll have more money next year... Would that mean I'd be able to get a better rate then? Normally the fed cuts rates during a recession, yes, however right now the fed has been under intense pressure to keep them low due to politics and so there isn't much room to go. It's going to be a fun time when the next one does hit. redreader posted:I've got a real estate agent that was highly recommended to me, and I'll be in the area (denver suburbs/outlying towns in the boulder direction) at the end of the month to meet the guy and look at houses. He knows I've got a long term plan and he's fine with it. Great, start talking to them now and scoping out the area in person. Ask for relocation costs from your employer. I assume it's one of the numerous tech companies out there. redreader posted:Apparently you can dip into the company 401k for the downpayment (or something) but I don't want to do that at all. So yeah I have some retirement savings from this job and other jobs but don't want to go into it. Do not take out a 401k loan to buy a house.
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Sep 1, 2019 22:55
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H110Hawk posted:
If you have perfect accurate forecasting of a recession, a 401k loan might not be the worst idea. To anyone reading this, note the giant caveat.
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Sep 1, 2019 23:26
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Not a 401k loan, but any thoughts on doing an early withdrawal on an annuity to help with a down payment? It has a fixed 4% interest rate which is an okay amount of growth per year. And there's a pretty steep penalty of about 33% for withdrawing from it before retirement. But it's a hefty chunk of cash that could make a down payment way easier for me.
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Sep 1, 2019 23:35
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Without further information, it's pretty safe to say you shouldn't have an annuity to begin with, so I'm not sure what kind of advice you are going to get in regards to anything other than getting rid of it.
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Sep 1, 2019 23:39
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I get that it's dumb to predict a recession and say I know it's going to happen. I'm not saying that. I'm calculating how much money I have and project to have because some of the money I have is in RSU's, so I'm calculating what I'll have next year if the stock price stays the same (they're going up fast currently due to great earnings but let's be conservative) for a good scenario, and if they halve in value for a bad scenario. My target date is around august next year so I have a lot of time to prepare and plan and most importantly, learn about buying houses.
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Sep 1, 2019 23:55
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redreader posted:I get that it's dumb to predict a recession and say I know it's going to happen. I'm not saying that. I'm calculating how much money I have and project to have because some of the money I have is in RSU's, so I'm calculating what I'll have next year if the stock price stays the same (they're going up fast currently due to great earnings but let's be conservative) for a good scenario, and if they halve in value for a bad scenario. My target date is around august next year so I have a lot of time to prepare and plan and most importantly, learn about buying houses. This is all good stuff, it's good to plan ahead.
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Sep 2, 2019 00:11
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Motronic posted:Without further information, it's pretty safe to say you shouldn't have an annuity to begin with, so I'm not sure what kind of advice you are going to get in regards to anything other than getting rid of it. Yeah, fair. I got it when my father passed away a long time ago as part of his life insurance policy, so it's not something I chose to have. Given I have other retirement options through my work, I'm thinking it probably would be a much better value to me as (a large) part of my down payment.
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Sep 2, 2019 00:30
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Tir McDohl posted:Yeah, fair. I got it when my father passed away a long time ago as part of his life insurance policy, so it's not something I chose to have. Given I have other retirement options through my work, I'm thinking it probably would be a much better value to me as (a large) part of my down payment. Annuities are sometimes good options for elderly people with fixed expenses looking for absolute security of income and willing to pay a significant fee to get it. For younger and healthier people they don't make sense. That 33% fee for cashing it out is horrendous and represents the degree to which your dad got utterly hosed over by the company that sold it to him, as do tons of old folks. On the other hand, for you it's a free inheritance, so yay! How long does it last? Chopping off a third in fees to cash it out might make sense depending on the rest of the terms, or it might not.
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Sep 2, 2019 01:01
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Leperflesh posted:Annuities are sometimes good options for elderly people with fixed expenses looking for absolute security of income and willing to pay a significant fee to get it. For younger and healthier people they don't make sense. Thanks, you pointed me in the direction of things to look into. It's a single premium deferred annuity. I don't know if it has an end date, except that it matures when I hit retirement age. I did some calculations and it looks like it'll be worth about 3-1/2 times its current value when I retire. Which seems pretty good, so I guess I need to consider rate of inflation and the value of having a home sooner rather than possibly never (Southern California).
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Sep 2, 2019 02:22
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Tir McDohl posted:Thanks, you pointed me in the direction of things to look into. It's a single premium deferred annuity. I don't know if it has an end date, except that it matures when I hit retirement age. I did some calculations and it looks like it'll be worth about 3-1/2 times its current value when I retire. Which seems pretty good, so I guess I need to consider rate of inflation and the value of having a home sooner rather than possibly never (Southern California). Back of the napkin shows that a sample $100k at 4% (your annuity) loses to $66.666k at 6% (avg market return, your annuity less 33% penalty) over an ideal 30 year period. It might be in your best interest, slightly, to cash it out. You need to look at your documents carefully and make sure on tax implications. Is the annuity tax advantaged in some way? Would cashing it out turn it into taxable income somehow? It shouldn't because it was inherited, but I don't know much about them at all.
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Sep 2, 2019 02:29
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Annuity payouts are usually taxable, inherited or not. Some of the older annuities are actually decent given the low interest rates we have now. Talk to an annuity specialist, I think vanguard will do an analysis for free for you. Or post the details here if you want. Curious what the cost basis is and what your contract said about when you can cash out.
moana fucked around with this message at 12:03 on Sep 2, 2019 |
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Sep 2, 2019 11:59
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Just spoke with the bank manager, 5 year fixed rate here is 0.9% pa and 10 year is 1.1%. So the monthly payment for a ski chalet is chf 860 a month. Rude not to, really.
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Sep 3, 2019 12:11
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knox_harrington posted:Just spoke with the bank manager, 5 year fixed rate here is 0.9% pa and 10 year is 1.1%. So the monthly payment for a ski chalet is chf 860 a month. Rude not to, really. The gently caress
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Sep 3, 2019 12:15
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knox_harrington posted:Just spoke with the bank manager, 5 year fixed rate here is 0.9% pa and 10 year is 1.1%. So the monthly payment for a ski chalet is chf 860 a month. Rude not to, really. You really need to post pics of the house itself at this point so we can all be suitably jealous. The views are amazing.
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Sep 3, 2019 15:17
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Highlights of the general inspection I had done yesterday (because the guy didn't realize it was Labor Day when he offered that time slot to me): -Black mold under the roof sheeting -Electrical service panel has several code/safety issues -Sewer stack in basement has a couple active leaks -Radon test results have not come back but this inspector has personally done tests of other houses on this block, and they all came back very high This biggest issue though is probably the water penetration into the basement. The inspector thinks it might be resolvable by fixing the grading around the house and cleaning out the gutters, but he also advised me to bring in a structural engineer and potentially a foundation repair company for a second opinion and quote. Other issues that I have not mentioned that will probably just be my problem if I end up buying this: -Main water line is galvanized steel, and original to the house (1941) -Kitchen sink actively leaking into the basement (kitchen is basically a total gut job) -All but 3 outlets on the first floor are ungrounded, 2-prong -Every bit of flooring in the house is gross (vinyl in kitchen, bathroom, carpet on second floor) or needs refinishing (everywhere else) -Greenboard installed behind the shower surround Sewer line inspection at 2:30pm today. 💩💩💩
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Sep 3, 2019 15:19
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Why would you even continue inspections at this point? It's failed horribly and you can get out of your contract with your earnest money. Or is this place priced for it's condition and you are willing to live in a construction zone?
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Sep 3, 2019 15:29
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I've been trying to buy a house for a year, inventory is very low in this area, the house is in my #1 location, I do not have to move into it right away, and the sellers appear to be motivated to get rid of it so it's possible they will pay for/do all of this work. Knowing what I know now, I may have overbid a little bit but I was also the only offer, and was under asking. A house a block away of similar size/age but renovated just sold within 2 days $40k higher than this one.
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Sep 3, 2019 15:34
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Unless you can make that $40k delta larger, this house sounds like a loser to me.
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Sep 3, 2019 15:37
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Harik posted:You really need to post pics of the house itself at this point so we can all be suitably jealous. Ok! It's in this village:  And this is a slightly lovely photo I took of the chalet:  It's over 3 stories so bedrooms and a bathroom on the top floor where you go in, living / dining / kitchen in the middle, and another bedroom and bathroom in the basement. Basement is still above ground as it's on a 45 degree slope. 
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Sep 3, 2019 15:53
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I think it's going to really depending on how serious the foundation issues are. I've got two current trains of thought: #1 Foundation issues are minor, grading resolves the water issues - I'll ask the sellers to repair the critical issues, or give me a credit. I'd probably still proceed with buying the house. The condition of the kitchen, flooring, etc was known to me when I proceeded and were factored into the price. #2 Foundation is hosed - Probably walking away. The water line being 35yrs past its useful lifespan is probably something I won't be able to get them to fix, seeing as it still "works" for now. If the sewer line inspection comes back with major problems today I'd guess Id end up walking away, unless the sellers are willing to fix it. In this market, I would bet they won't be.
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Sep 3, 2019 15:53
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Sirotan posted:I've been trying to buy a house for a year, inventory is very low in this area, the house is in my #1 location, I do not have to move into it right away, and the sellers appear to be motivated to get rid of it so it's possible they will pay for/do all of this work. Knowing what I know now, I may have overbid a little bit but I was also the only offer, and was under asking. A house a block away of similar size/age but renovated just sold within 2 days $40k higher than this one. The sellers are not going to pay for or do the work, or else they would have already and then sold for top dollar. They're looking to dump the property with as close to zero out of pocket as possible and wash their hands of it. A 40K under market discount probably isn't half of what you need to address all the issues in that house. Black mold, electrical and plumbing replacement, kitchen gut job, unknown water damage/penetration. You really need to understand what you're getting into here. I'd walk away quickly.
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Sep 3, 2019 16:00
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The house I bought had a very good inspection, without a fraction of the poo poo you address, and it's still been a fair bit of work and money to address even small issues. Your place sounds firmly in pray for mojo land
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Sep 3, 2019 16:10
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skipdogg posted:The sellers are not going to pay for or do the work, or else they would have already and then sold for top dollar. They're looking to dump the property with as close to zero out of pocket as possible and wash their hands of it. The owner of the home died in May, and his adult children are now selling it. They never lived in the home, and don't appear to know much about it. From what I can infer from the situation, it does seems like they are trying dump the property, but more so they don't have an empty home to deal with it anymore. They didn't even bother to negotiate with me when I was the only offer and under asking. The kitchen notwithstanding, I don't think I'm looking at $40k in work here or even half that amount. I'm savvy, but I'm aware I'm not an expert, which is why I'm also bringing in people who know this poo poo to give me their expert opinions. Not including the kitchen or foundation, I've been told so far that the house needs about $3800 in work (grading, electrical, sewer, radon), add another $3k to that for the roof sheeting issue which I was told maybe isn't even necessary. I'm fine with another $200-400 in inspection costs to get the whole picture.
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Sep 3, 2019 16:12
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The kitchen is $40k. By itself. Just keep on adding as the rest of the leaks and other problems of a total lack of maintenance are uncovered during the work.
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Sep 3, 2019 16:32
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If you have radon you need to vent, that's about $1,200-$1,500 right there. God bless your optimism.
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Sep 3, 2019 16:34
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There's a whole spectrum between "just grading" and "basement is hosed" with a whole spectrum of cost.
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Sep 3, 2019 16:37
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Thus, the inspectors and engineers I'm bringing in who will be able to tell the difference.  Radon mitigation systems in this area are $800-1000. I'm sure I could install the motor and pipe myself if I really wanted to pinch pennies, but I'll bet the sellers would cover this one at the very least. The kitchen is tiny and I'd DIY probably all of it besides new electrical. Both of these things were factored into my initial offer. Sirotan fucked around with this message at 16:49 on Sep 3, 2019 |
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Sep 3, 2019 16:42
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A kitchen gut job is indeed $40,000. If your intention was to remodel a kitchen entirely, this *might* be salvagable if you are in the bay area. The leak itself is probably easy to fix, but the damage of the leak itself is the real pain point. Is this slab on grade or a crawlspace foundation? I suppose it has a basement, so... Look, I bought a short sale and even I wouldn't buy this house.
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Sep 3, 2019 18:26
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